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Showing posts with the label grants

Sallie Mae's Report Indicates Parents Adjusting to Educational Costs

A Sallie Mae Report entitled How America Pays for College 2013 brings to light some important changes occurring in the financing of education. Parents and students are finding new strategies to adjust to increases in cost which include opting out of dorms, applying for grants, working more hours, and cutting back on things that are not necessary. Despite the growing cost of education students and parents still believe in the power of education and the ability to afford a better life.  Even though a general trend of college costs has been increasing, over the last few years it has leveled out to $21,178 which is down from 2010. Yet parents and students are being more frugal and this could have some influence on the plateau and how long that plateau lasts. Wealthier families are spending a little more than middle class families while lower class families are pulling back on their expenses while attending school.  How Students Are Paying for College: Student Borrowing 18%

Parents Finding New Ways to Pay for College

The cost of education has been hitting national airways for some time. Tuition and boarding costs are rising and parents are trying to find new ways of paying for their kid’s education. Changes have occurred over the past decade indicating additional reliance on tax benefits and grants. A 2013 report entitled Trends in Higher Education by the College Advocacy and Policy Board helps highlight how parents and students are paying for education and making ends meet.  The report outlines the results of a study analyzing trends of how parents and students are paying for college. An average of 2002/03 fees and tuition for full-time students were $8,760 and rose to $11,960 in 2012/2013 marking a 37% increase. The addition of room and board raised the cost from $16,480 to $21,030 respectively. In 2012/1013 tax benefits and grants covered 36% of total charges, 26% were covered from student loans, 38% of the costs were covered from other sources. Over the past decade their out-of-pock